This release was compiled during the COVID-19 crisis. The results contained in this release reflect some of the economic impacts of the COVID-19 situation. For further information see Information Note - Implications of COVID-19 on the Quarterly National Accounts Quarter 4 2021.
| Table 1.1 GDP, GNP and MFDD at constant 2019 prices, 20211 | ||
| Amount €m | Annual % change | |
| Gross Domestic Product | 428,318 | 13.5 |
| Gross National Product | 317,728 | 11.5 |
| Modified Final Domestic Demand | 188,293 | 6.5 |
| 1Constant Market Prices, chain linked annually and referenced to year 2019. | ||
Preliminary estimates indicate that GDP in volume terms increased by 13.5% for the year 2021. GNP showed an increase of 11.5% in 2021 over 2020, while the deglobalised measure, Modified Domestic Demand (MDD) increased by 6.5% over the year.
| GDP | GNP | |
| 2015 | 25.1762452641587 | 13.6959677273327 |
| 2016 | 2.04223256120095 | 7.57862286856952 |
| 2017 | 8.94001261365027 | 5.92721431968746 |
| 2018 | 9.03016124720608 | 6.20723910838861 |
| 2019 | 4.91700675684967 | 5.04473453054763 |
| 2020 | 5.86697545610011 | 3.40054769348996 |
| 2021 | 13.4786959497038 | 11.505154976974 |
| Industry (excl. Construction) | Information and Communication | Professional, Admin and Support Services | Public Admin, Education and Health | Distribution, Transport, Hotels and Restaurants | Real Estate Activities | Financial and Insurance Activities | Construction | Arts, Entertainment and Other Services | Agriculture Forestry and Fishing | |
| 2021 | 180.7942942655 | 66.8219432897 | 37.0221575327 | 36.5385830847 | 32.4314657953 | 20.5619529171 | 15.0343049391 | 7.2031860546 | 3.7762805554 | 3.1122955675 |
| 2020 | 145.7797406382 | 58.5738682257 | 35.3588377543 | 35.2820459884 | 30.5250736632 | 19.9719712487 | 14.6382478532 | 7.5553778892 | 3.3545405429 | 3.1578590249 |
Value added for Multinational-dominated sectors increased by 21.9% in 2021, all other economic sectors grew by 5.0%
Value added for the MNE dominated Industry (excluding Construction) and Information & Communication sectors recorded increases of 24.0% and 14.1% respectively in real terms in the year, see Table 2.3. The domestically focussed Distribution, Transport, Hotels & Restaurants sector grew by 6.2% year-on-year while the Arts & Entertainment sector increased by 12.6%. Construction recorded a decline of 4.7% in volume terms in 2021 compared to 2020, while Professional Admin and Support Services recovered by 4.7% in the year. Other service sectors exhibited modest, single digit percentage growth in 2021. Public Administration, Education & Health grew by 3.6%, Real Estate activities by 3.0% and Financial & Insurance by 2.7%. The Agriculture, Forestry & Fishing sector declined 1.4% year-on-year.
| Personal Consumption Expenditure | Government Expenditure | Gross Fixed Capital Formation | Value of Physical Changes in Stocks | Net Exports | Modified Final Domestic Demand | GDP | |
| 2015 | 96.2180583097 | 29.4699175518 | 70.2250394389 | 3.8008404003 | 71.2069495781 | 160.1975048108 | 280.3700427748 |
| 2016 | 101.0938245761 | 30.7865328148 | 105.6948537487 | 4.1843315451 | 38.1585962972 | 169.3586381864 | 286.0958510802 |
| 2017 | 103.4053255016 | 31.9604652868 | 105.0625347622 | 3.6916609328 | 67.2256249148001 | 174.7443602703 | 311.6728562539 |
| 2018 | 107.4807007846 | 33.5114301337 | 95.8017653788 | 0.9068947405 | 99.9333533538 | 182.7502161814 | 339.8174177374 |
| 2019 | 111.0543325533 | 35.8962859108 | 191.0855658732 | 3.9253932543 | 12.552570987 | 185.8767913643 | 356.5262631285 |
| 2020 | 99.504292678 | 39.8111876346 | 147.0769579793 | 4.9288652055 | 88.8847023353 | 176.8346641584 | 377.4435714808 |
| 2021 | 105.1979515713 | 41.9368829351 | 91.7221607555 | 3.4969608458 | 186.9580964564 | 188.2926660192 | 428.3180428624 |
Modified Domestic Demand increased by 6.5% in 2021
On the expenditure side of the accounts (Table 3.3), Capital Investment, driven by Intellectual Property Products (IPP), declined by €56.8 billion during 2021 while Personal Consumption Expenditure, which accounts for just over 44% of Domestic Demand, increased by 5.7% compared with the previous year. Government expenditure increased by 5.3% over the same period. Final Domestic Demand decreased by 16.6% in 2021 compared with 2020 while Modified Domestic Demand increased by 6.5% over the year.
Exports grew 16.6% during the year while Imports decreased by 3.7%, driven to a considerable extent by a fall in IPP investment compared with 2020. Overall net exports for the year increased by €98.1 billion which when combined with the 16.6% fall in domestic demand (-€47.5 billion) resulted in an overall increase in real GDP in 2021 of 13.5%. Factor income outflows were 19.6% higher in 2021 (€18.1 billion higher) compared with 2020 leading to an overall increase in real GNP of 11.5%.
| Foreign-owned MNE-dominated | Other | |
| 2015 | 82.982460012515 | 6.06622496384315 |
| 2016 | 0.436911580532762 | 1.88841809801135 |
| 2017 | 10.428320907573 | 4.36733649153713 |
| 2018 | 16.3688322527336 | 5.76391527013347 |
| 2019 | 7.45644124559548 | 3.67410908901096 |
| 2020 | 23.1316105210191 | -8.71809938670145 |
| 2021 | 21.8838741487579 | 4.98402580981647 |
| Column1 | 2021 | 2020 |
|---|---|---|
| Public Admin, Education and Health | 31.970084897 | 30.253186762 |
| Distribution, Transport, Hotels and Restaurants | 19.08601118 | 17.443178319 |
| Industry (excl. Construction) | 15.327448417 | 14.730518796 |
| Professional, Admin and Support Services | 15.081526099 | 13.415133642 |
| Information and Communication | 10.516476797 | 9.248032431 |
| Financial and Insurance Activities | 9.049186252 | 8.425490891 |
| Construction | 4.605579003 | 4.117611068 |
| Arts, Entertainment and Other Services | 2.030609847 | 1.881400772 |
| Real Estate Activities | 0.934269302 | 0.879434113 |
| Agriculture Forestry and Fishing | 0.821051992 | 0.789502347 |
Compensation of Employees increased by 8.1% in 2021 compared to 2020. All sectors experienced growth. The largest increases were seen in Information and Communication (13.7%), Professional, Admin and Support Services (12.4%) and Construction (11.9%).
| Table 1.2 GDP, GNP and MFDD at constant 2019 prices, Q4 20211 | ||
| Amount €m | Quarterly % change | |
| Gross Domestic Product | 104,408 | -5.4 |
| Gross National Product | 81,134 | -2.1 |
| Modified Final Domestic Demand | 49,054 | 1.3 |
| 1Constant Market Prices, chain linked annually and referenced to year 2019, seasonally adjusted | ||
Initial estimates for the fourth quarter of 2021 indicate that there was a decrease of 5.4% in GDP in real terms in Q4 2021 compared to the previous quarter while GNP fell by 2.1%. Modified Domestic Demand, a broad measure of underlying domestic activity that covers personal, government and investment spending, increased by 1.3% in Q4.
| GDP | GNP | |
| Q1 2019 | 1.78075612596138 | 6.51205145603708 |
| Q2 2019 | 2.2611781179418 | 0.773749391522727 |
| Q3 2019 | -0.184168052620259 | 0.792942099576255 |
| Q4 2019 | 1.48129568579587 | 2.56023611733005 |
| Q1 2020 | 2.82981088824583 | 2.01285837562946 |
| Q2 2020 | -3.03739812089495 | -5.22475805484328 |
| Q3 2020 | 9.81931480989095 | 0.556379143899477 |
| Q4 2020 | -4.23261461891788 | 10.6469516178979 |
| Q1 2021 | 9.73447704895876 | -1.57314832900698 |
| Q2 2021 | 4.62256235766907 | 5.0830554915632 |
| Q3 2021 | 1.23984709794223 | 5.45660282405585 |
| Q4 2021 | -5.36243168296899 | -2.05496082760396 |
Get the data: NQQ48
| Industry (excl. Construction) | Information and Communication | Professional, Admin and Support Services | Public Admin, Education and Health | Distribution, Transport, Hotels and Restaurants | Real Estate Activities | Financial and Insurance Activities | Construction | Arts, Entertainment and Other Services | Agriculture Forestry and Fishing | |
| Q4 2021 | 42.970931268 | 17.981633046 | 9.422090114 | 9.32903648 | 8.518416374 | 5.130791022 | 3.74419258 | 2.036669157 | 1.017431742 | 0.752963726 |
| Q3 2021 | 48.962999195 | 16.678505116 | 9.474482525 | 9.159752704 | 8.304931008 | 5.141081841 | 3.729820273 | 1.917326424 | 0.922529155 | 0.886958405 |
Get the data: NQQ47
The MNE dominated Information & Communication sector recorded strong growth in Q4 compared with the previous quarter, an increase of 7.8%. The domestically dominated Distribution, Transport, Hotels & Restaurants sector increased by 2.6% following the further easing of COVID restrictions during the initial part of the quarter, however the subsequent emergence of the Omicron COVID variant later in Q4 had an impact in particular for the results for the month of December. The Arts & Entertainment sector rose by 10.3% quarter-on-quarter while the Public Administration, Education & Health sector increased by 1.8% over the period compared with Q3 2021. The Construction sector grew by 6.2% over the same period with Finance & Insurance exhibiting a modest increase of 0.4%. The Industry (excluding Construction) sector declined by 12.2% in Q4 2021 while quarter-on-quarter decreases were also recorded in the Agriculture sector (15.1%), Professional & Administrative services (0.6%) and Real Estate (0.2%). (See Table 2.5).
| Personal Consumption Expenditure | Government Expenditure | Gross Fixed Capital Formation | Value of Physical Changes in Stocks | Net Exports | Modified Final Domestic Demand | GDP | |
| Q1 2019 | 27.839110401 | 8.890842092 | 18.687784392 | 3.031497906 | 30.08093865 | 46.331136506 | 87.384298845 |
| Q2 2019 | 28.086742539 | 8.9270618197 | 62.293535102 | -0.361265585 | -10.34194235 | 46.398719828 | 89.360213489 |
| Q3 2019 | 27.605190907 | 9.1329105859 | 21.401545897 | 1.311473227 | 28.023115554 | 47.056054947 | 89.195640524 |
| Q4 2019 | 27.39946196 | 8.9466587833 | 88.563188011 | -0.056312293 | -35.38741931 | 45.894770272 | 90.516891699 |
| Q1 2020 | 26.451430631 | 9.0545912352 | 81.40090728 | 2.206933134 | -25.66922078 | 45.339282701 | 93.078348556 |
| Q2 2020 | 22.688025312 | 10.14164988 | 20.89013725 | 1.871896582 | 36.286991111 | 40.692540614 | 90.251188546 |
| Q3 2020 | 25.323574037 | 10.167232703 | 19.883802433 | 0.569334712 | 45.345608803 | 45.723154991 | 99.113236869 |
| Q4 2020 | 24.894825397 | 10.441446543 | 24.750393912 | 0.280700777 | 32.76753135 | 44.810520858 | 94.918155516 |
| Q1 2021 | 23.481242674 | 10.408729142 | 18.552060383 | 1.718949864 | 51.386486679 | 42.980803254 | 104.15794158 |
| Q2 2021 | 27.118651353 | 10.482600292 | 19.490769423 | 0.906158117 | 53.736213662 | 47.296932189 | 108.97270738 |
| Q3 2021 | 27.211563467 | 10.473534218 | 19.300546503 | 1.656363981 | 50.647933666 | 48.400526941 | 110.32380233 |
| Q4 2021 | 27.134397173 | 10.566457901 | 34.065882608 | -0.784511115 | 30.69142472 | 49.053845767 | 104.4077638 |
Get the data: NQQ48, NQQ49, NQQ50
On the expenditure side of the accounts (Table 3.5), Capital Investment grew by €12.3 billion during the quarter, with the Capital Formation element increasing by 76.5%. Capital Investment accounted for 46.9% of total domestic demand in Q4 2021. Personal Consumption Expenditure declined modestly by 0.3% quarter-on-quarter. Exports increased by 1.3% in Q4 2021 compared with Q3 2021 while Imports rose at a significantly faster rate of 22.7% which meant that overall net exports for the quarter were 39.4% lower in Q4 compared with Q3 or just under €20 billion lower in money terms quarter-on-quarter. These impacts when combined resulted in an overall decline in the real GDP growth rate in Q4 2021 of 5.4%. Final Domestic Demand was up by 25.9% in Q4 compared with Q3 while Modified Domestic Demand increased by 1.3% over the same period.
| GDP | Net Factor Income from Rest of World | GNP | |
| Q1 2019 | 87.384298845 | -19.61274894 | 67.771549903 |
| Q2 2019 | 89.360213489 | -21.06428163 | 68.295931858 |
| Q3 2019 | 89.195640524 | -20.35816147 | 68.837479054 |
| Q4 2019 | 90.516891699 | -19.91701064 | 70.599881055 |
| Q1 2020 | 93.078348556 | -21.05739188 | 72.020956674 |
| Q2 2020 | 90.251188546 | -21.99315261 | 68.258035939 |
| Q3 2020 | 99.113236869 | -30.47542745 | 68.637809415 |
| Q4 2020 | 94.918155516 | -18.97251174 | 75.945643775 |
| Q1 2021 | 104.15794158 | -29.40703543 | 74.750906149 |
| Q2 2021 | 108.97270738 | -30.42217119 | 78.550536189 |
| Q3 2021 | 110.32380233 | -27.48707537 | 82.836726965 |
| Q4 2021 | 104.4077638 | -23.27329913 | 81.134464675 |
Get the data: NQQ48
Factor income outflows were €4,214m lower than in the previous quarter leading to an overall decrease in GNP of 2.1% for the fourth quarter compared with the previous quarter.
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The calculation methods for quarterly accounts are similar to those used in the annual National Income and Expenditure. As some of the available sources are of lesser reliability than those used for the annual national accounts, the quarterly estimates are subject to a greater margin of error than the annual figures. These preliminary estimates will therefore be revised when the next detailed annual results are published. |
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